The Web makes real-time, accurate, per-project cost data available to your entire management team at all times. In essence, this is a built-in alert system that will notify you early on if your project is broken.

Now that you’ve detected the problem much earlier than you otherwise would have, you can take corrective action. You’ve discovered a hidden problem earlier than your peer managers who are not tracking time could have. Now, you can fix the problem more quickly and cheaply.

But, are out-of-control projects really common problems in small businesses?

Survey Says: Your Projects Are Out of Control

You may have heard the statistic that 70 percent of technology projects are out of control, over budget or broken. However, our customers reported a much lower number – 12 percent. That means 12 percent of our customers’ projects are broken in some way, shape or form.

If you have 100 people doing hundreds of projects with a $10 million budget, and 12 percent of their work is a waste of time, that’s $1.2 million a year wasted, right? That’s bad. It’s not nearly as bad, however, as the 70 percent failure rate other companies are experiencing based on the above statistic. Somewhere between 12 and 70 percent of IT workers are wasting money, time – even their life’s work. Life is short enough. Let’s not waste it, right?

Sometimes, when you find out a project is broken, you can do something about it – like cancel it, put different resources on it, or change the scope. But sometimes you can’t. In our customers’ cases, they could fix the problem 55 percent of the time. Fortunately, 55 percent of our customers’ projects were rescued, primarily because they had accurate cost data – accurate time data – which allowed them to find the problem early.

It is worth a lot, in both time and money, to have this capability. It enables to you to have more confident that you are tracking the right data. Time sheets, it should be noted, are not onerous to complete.

If your projects are short-lived, technical or are mostly based on human labor or knowledge work, tracking employee time is probably all you’ll ever need in terms of risk management.

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